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HomeMy WebLinkAbout1938 0. To perform. comply with and abide by each and every stiputatbn, agreement, conciitroa arrd covenant is said promissory cote and deed set forth. 7. In the event the jurisdiction of the U. S. DLstrict Court shall be invoked by or ag~i~t the Matgagor~under any of the provisiow.of the H'edenl Bankruptcy Act, such action. wbether voluntary or involuntary on the par; of tbe Mortitagor. siwU autorrwtirally. v~nthout notice. as cclerate tbe ruatunity of tU sums of money herein described and secured and the same shall lherarpoa become due and paYabb forthwith as fully as if the said aggregate sums of money w+~ero originally stipulate to be paid m arch date. 8. To deliver to said Mortgagee mar before I?farch 15th of each Year. ter: reoeipb eviderieing the yment of all lawfully imposed to:a for the ppreceding calendar Year. and to deliver to said Mo ce, receipts evidencing the payment of all lkns for pubUc unprovements within ninety (t0) days after tbe:arris shall become due and payaand to y or discharge within nicety (90) days after due data m and a!1 governmental levies that may be made on the mortgaged Property. ca this mortgage ~ mots, or is say other way resulting from the Mortgage indebtedness secured by this wortgage: and if this conditiori be not complied with sad performed. s4id mortgagee may P~U? such sum or sums which shall become part of the debt secured by this mortgage, and :hall bear interest at the default rate provided in fo~rthwt note payable monthly until paid or said Mortgagee may elect that said mortgage debt thereupon becerne dun and PaY~ 9. It !s further covenanted sad agreed by said parties that in the event of a suit being instituted to force-sae this mortgage, the Mortgagee shall be entitled to apply at any time pending such foreclasuro suit to the court having jurisdiction thereof for tbe appppaanntmeat of a receiver of all arcs singular tbe mortgaged pproperty, and of all the rents, incomes. profi issues and revenues thereof. from whaboever source derived• and thereupon it is bereby expressly covenanted and agreed that the court sftaU forthwith appoint a receiver of aid awrtgag~ Pt~rh'. ~ and smg~ulu. and of such rents, incomes profits, issues and revenue thereof. from whatsoever source derived, with tbe usual power: and duties of receivers in like cases; and suer appointment shall be made by such court as a matter of strict right to tbe Mortgagee, its successors. legal representatives orassigns. and without refereuoa to the adequacy or inadequacy of the value of tbe pr beroby mortgaged or to the solvency or insolvency of the Mortgagor. sad that such rent, profits, raceme. issue and revenues shall be app by such receiver to the pay- ment of the moatgagoe indebtedness, casts and charges, sooording to the order of sadr court. 10. If all or any Part of tbe property or an interest therein is sold or transferred by mortgagor withart mortgagee's prior written consent, excludingg (a) the creatiar of a lien or eacombrarioe subordinate to this mortgage, (b) the creation of a purchase money security interest for 6ousehoW appliances, (c) a transfer by devise or descent, or by opentIaa of Lw upon the death of a joint tenant, or (d) tbe grant of any leasehold interest of three or less not oontaiaing an option to purchase, mortgagee may. at its option. declaro all the auan secured by this mortgage to be ' ' rely due and payable. Mortgagee shall have waived arch .optiao to accelerate if prior to the sale or transfer, isfacgory to Mortga and ~thatthe intecP~st~pa~yabk t ~sumsr secure this m~ort~ ge shahII beat such ~ Mortgagee s~6all ralua:<. 11. That in tbe event the premises bereby mortgaged, or any part tberoof, shall be o~denined and taken for public use wider tbe power of eminent domain, the Mortgagee shall have the fight to demand that all damages awarded for the taking of or damages to said premises shall be paid to tbe Mortga~ge~ up to the amarnt then u~aid on this mortgage and at tbe option of tbe Mortgagee may be applied upon the payments last Payable thereon. 12. The mortgagor binds himself not to erect or permit to be erected any new buildings on tbe premises harem mortgaged or to add to or permit to be added to any of tbe existing improverneab thereon or make any char or alterations in said improvements which materially change the same or the use thereof, without the written consent of the M~g~gee, and in the event of any violation or attempt to violate this stipulation this mortgage and all sums secured hereby shall immediately becoooe due and collectibleoabtlitgbea option of tbe Mortgagee. sec 3redlherebyall~at angy me~bet heW ttro bMe a~war the~terrn~s h~reof~or off the in~stnrmMeot msaw~ed he~rebhYereunder or of the obligation 14. If foreclosure proceedinggss of any second mortgage or second trust deed or an junior lien of any kind should be instituted, the Mort- gagee may, at its option. ;mraediately or thereafter declare this mortgage and tbe indebtedness secured heroby fine and payable forthwith, and may at its option proceed to foreclose this mortgage. 15. To tbe estmt of tbe indebtedness of the Mortgagor to tbe described herein or secured hereby the Mortgagee is hereby subrogated to tbe lies or liens and to the rights of the owner and holders tle~naf of each sad every mortgage lien or otber incumbnnce on the land described herein which is paid and/or satisfied in whole or in part out of tbe proceeds of the loan described herein or secured berebY, and tbe respective lien of raid mortgages. Lens ar other incumbrances shall be and the same a~ each of them bereby is preserved and shaD pass to and be Geld by the Mortgagee herein as security for the indebtedness to the Mo~tgage~e beroin described or bereby secured, to the same eztent that it would have been preserved and world have bees pa~e~ to and been held by the M rtgagoe had it been duly and regularly assigned, transferred, set aver and delivered unto the Mortgagee-by separate creed oaf asdgnroent notwro 'tlutandinB the hd that tbe same may be satisfied and c~rreelded of record, it being the intention of the parties hereto flat the same will be atufied and cancelled of record by the holders thereof tt or abort tbe time of the recording of this mortgage. 18. To pay all and singular the costs. charges and expenses, indudiag la s fees. rdmotbly iacarred or at any time by tbe Mort- gagce, baxose of tbe faihrre of the Mortgagor to ~e~form. ~p~y with and abide by each and every tbe stiPu~traai. a~reemenia, conditions, and covenants of said promissory note and this deco. or either, and every such payment sbaD bear interest from date at tbe default me pro- vided in said promissory note. { 17. Wben amount of to be paid by the M ~$~c to the Mortgagee mxder the terms hereof shall be in dealult, or shoadd tbe tifortgagor default in any of the terms. provisions ororcoadr'tiaas of this Mortgage, then and in that case the Mortgagee shall have tbe right, without notice to the Mortgagor, to coIleet and receive form any tenant or lessee of aid mortgaged Premiss the r'eats. issue and ~ Profits of tbe real state hereby mortgaged and the improvements thereon, and to give proffer receipts and aogrdttances therefor, and after ~ pa rag aII commissions of say rental agent collecting ibe same, and any reasonable attorneys fes and other neoasary e:peases inc+lrred in sore, to apply the proceeds of such collections rpm as ind obligation a Lability, of tbe Mortgagor bereunder. Tbe right granted the Mortgagee under this paragraph sbaIl be in addition to~ not limit or restrict, say otber right or rights granted tbe ~ Mortgagee in this Mortgage. 18. If tbe Mortgagor at the time of making this Mortgage or t thereto take out life irunrance designating the Mortgagce herein ~ as beneficiary with a company approved by the Mortgagee or assignsa~~ to tbe MortgAgee for the Purpose of securing tbe wortg~geloan hey secured then tbe Mortgagee shaII have the right to pay any remium aocnriag mrder said Policies, and all sums so Ggrs°ded shall be added to and become s part of tbe indebtedness secured by this Mortgage and shall be paid by tbe Mortgagor to tbe Mortgagee in twelve equal consecutive monthly ipi~ts, the first monthly inert to be paid as a part of and in addition to tbe monthly payment due under this Mortgage in the [first calendar month following the exp~~ of aid sum. Such sums ao expended to bear interest at tbe rate at which interest is payable upon aid pdacipal indebtedness and the lies of-this Mortgage shall emend to and secure the sums so expended i together with interest therein s heroinbefore provided. 19. At mortgagee s optim. with and in addition to the monthly payment of rincipal and interest payable under tbe terms of flu g note secured hereby. Mortgagor~aA psY to Mortgagee each mooch unh1 aid note is fuIlYPaW. oao-tvrelfth (1/12) of a sum equal to tbe annual premium due for fire, ertended coverage, and atber hazard insurance including flood insurance, covering the mortgageel Property. psus tares and assessments next doe oa tbe mortgaged p (aII as estimated by Mortgagee) less all sums already paid therefor, and to be divided by tbe number of months to elapse prior to the date wLen such tares and asses~nents shall become delinquent. Said sums shaA be held by biartgagee in trust or credited to tbe principal of tbe lean, to pay said insurance. tares, and assessments and shall be applied on tbe payment thereof when due. A~ excess bell in trntt by Mortgagee when aid k?an is paid in fnIl shall be paid to Mortgagor. or his or personal representatives. In tbe event of a defauh or foreclosure, said sums held in trust may be applied on any costs of damages stud in connection with tbe collection of the note secured hereby whether by suitforecloaure, or otherwise. Mortgagce may from time to time at its ~phar waive, and after a~+ such waiver. reinstate a~ or aIl provisions requiring such deposib, by notice to Mortga~cx in writing. Nhik any such waiver is in effect, Mortgagor shall Pay tares, assssmeats sand iasnranoe pn~i~ as berein elsewhere provided. gagor~ihall perform all poi mortgagor obLgations n~nder the declantiaa afecaoda~nniaium ormaater deed, the by-laws and regulstioos~~ 9 the cardominium project and ooastituent documents. Mortgagor further oovenanb that be and tbe assodation ~po~ible for tbe operation of the eoadomiriium will obsern all of tbe provisior~t of tbe said decLrat~, and a~? amendments thereto, and of the Condominium law of r the state, and will perform all obligations thereunder end a failure to do so which is not erred within 30~der~s after notice given by the Mort- gagce to the mortgagor and tbe said associatioK slu?I~ constitute a default under this mortgage Mortgagor further spectficaDy covenants, but not by wsy of Lmitation, that be and the association will observe all of the provisions of aid declaration of condominium relating to insurance coverage. 21. Mortgagor further covenants and agrees that at tbe request of Mortgagee to fnrnis6 a standard termite hood insuring against damage r3 by infestation oa tbe buildings now or hereafter located on the mortgaged p , in such amount: and ternos, and with such company as approved and required by Mortgagce; and in tbe event Mortgagor does not comply with this coveaa~ Mortgagee shall have tbe same rights to obtain same as insurance coverage under covenant !t3 bereef. 22. That in tbe event that this mortgage is given to secure a conttructiar failure m the of the Mortgagor or the Mortgagors which is by~referen~oe~moorporated berein, shall. at the of tdu Mortga ceg tuadhen~t of eves date herewith, Y3. If the mortgaged premises tr other than a one to farr family dwelling. tbe Mortgagor covenants and agrees that be will, not later r than thirty (30) days after tbe end of the fiscal year furnish unto the Association a complete and accurate balance sheet and profit and k,sa statement reflecting tbe Mortgagors liabilities as welt as profit and bss for the fiscal year, and such balance sheet and profit and leas state= meat shaD be prepared by a certified public socountant licensed in the State of Florida, and shall be certified as being correct by such certi- fied pubLc aocounta~. ~ecK~4 ~ncf1~~ - _